The state may at any time and from time to time issue refunding bonds for the purpose of refunding the principal of and the interest on any matured or unmatured bonds of the state then outstanding which were theretofore issued under any one or more of this article, or the 1957 Docks Act, or the 1959 Docks Act. The proceeds derived from the sale of such refunding bonds shall be paid to the State Treasurer and disbursed on order or resolution of the department solely to refund and retire those bonds for the refunding of which such refunding bonds are authorized to be issued, and to pay the expenses incurred in such refunding; provided, that pending the time such refunding can be consummated such proceeds may be invested as herein authorized. All provisions of this article pertaining to bonds issued under this article that are not inconsistent with the provisions of this section shall, to the extent applicable, also apply to the refunding bonds issued hereunder. The principal proceeds from the sale of any bonds issued hereunder, when not needed for the purposes for which such bonds were issued, and any other moneys received hereunder, when not needed for the purposes for which such moneys may be used, may at the discretion of the director, with the approval of the Governor, be invested in direct general obligations of the United States of America and the earnings on any investment so made shall be used in the same manner that the moneys so invested are herein provided to be used.
Structure Code of Alabama
Title 33 - Navigation and Watercourses.
Chapter 2 - Development of Docks and Other Facilities Along Inland Waterways.
Article 3 - 1961 Provisions for Facilities Along Inland Waterways.
Section 33-2-60 - Definitions.
Section 33-2-61 - Dock Facilities at Additional Cost of $1,500,000.00 Authorized.
Section 33-2-62 - Authorized Cost Additional; Total Cost to State.
Section 33-2-64 - Authority, etc., of Department Under Article Cumulative.
Section 33-2-65 - How Property and Rights-of-Way May Be Acquired; Eminent Domain Proceedings.
Section 33-2-66 - Department May Contract Current Indebtedness.
Section 33-2-67 - General Provisions Relative to Additional Inland Waterways Improvement Bonds.
Section 33-2-68 - Requirements for Sale of Bonds.
Section 33-2-69 - Disposition of Proceeds From Sale of Bonds.
Section 33-2-70 - Appropriation for Payment of Principal and Interest on Bonds.
Section 33-2-71 - Application of Revenues From Inland Waterways Facilities.
Section 33-2-72 - Refunding Bonds.
Section 33-2-73 - Separate Records as to Each Unit of Development.
Section 33-2-74 - Use of Surplus Revenues of Port of Mobile Facilities to Pay Operating Deficit.
Section 33-2-75 - Rates and Charges for Use of Facilities.
Section 33-2-76 - Revocation or Cancellation of Licenses to Occupy State Property.